SUPREME COURT OF INDIA
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Civil Appeal No. 6158 of 2012.
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COMMISSIONER OF INCOME-TAX ..................................................Appellant.
V
GLOBE CAPITAL MARKET LTD.
......................................................Respondent |
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S. H. KAPADIA C.J.I. AND MADAN B. LOKUR, J.
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| Date :August 29, 2012 |
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| Appearances |
Rajiv Dutta, Senior Advocate (Arijit Prasad, Yatinder Chaudhary and Ms. Anil Katiyar for B. V. Balaram Das, Advocates, with him) for the appellant
Shashwat Bajpai and V. N. Raghupathy, Advocates, for the respondent
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Section 143(1)(a) of the Income Tax Act, 1961 — Assessment — Intimation — Section 143(1A) can only be invoked where it is found in the facts that the lower amount stated in the return filed by the assessee is a result of an attempt to evade tax lawfully payable by the assessee and the burden of proving that the assessee has so attempted to evade tax is on the revenue which may be discharged by the revenue by establishing facts and circumstances from which a reasonable inference can be drawn that the assessee has in fact attempted to evade tax lawfully payable by it — Commissioner of Income Tax v. Sati Oil Udyog Ltd.
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ORDER
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1. Heard learned counsel on both sides.
2. Leave granted.
3. The issue involved in this civil appeal relates to dividend stripping which is squarely covered in favour of the assessee by the judgement of this court in the case of CIT v. Walfort Share and Stock Brokers P. Ltd. reported in [2010] 326 ITR 1 (SC).
4. Accordingly, the civil appeal filed by the Department is dismissed with no order as to costs.
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[2015] 373 ITR 58 (SC),[2015] 278 CTR 264 (SC) |
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